Time to Split?

Spinoffs are all the rage in Corporate America. Media companies such as Gannett and Time Warner are shedding their slow-growth newspapers and magazines to focus on their more attractive broadcast and cable properties. Abbott Laboratories split into two, separating the namesake medical-products unit and the faster-growing pharmaceuticals business, AbbVie. And Kraft Foods was broken in half, forming two separate publicly traded companies, Kraft Foods Group, the slow-but-steady grocery business, and Mondelez International, the...